The pandemic has disrupted our daily lives and caused stress and overwhelm. Here are some tips to help you feel more confident and in control of your finances during this time.
1 – Keep growing your emergency savings:
Even if now doesn’t seem to be the right time to add money to your emergency savings, add what you are able to. That emergency savings will keep you prepared for the future and eliminate financial stress.
2 – Stick to a budget:
Pay attention to essential vs. non-essential purchases. Using a money tracking system such as RentPlus Money will help you track spending, set goals, create a budget, and more.
3 – Student loan forgiveness:
On March 27, 2020, the president signed the CARES Act into law, which provides broad relief for federal student loan borrowers. This means that you can temporarily stop making payments on your federal student loans, and your loans won’t accrue any interest. Take that money saved and use it to add to your savings or cover basic needs during this pandemic.
4 – Meal planning:
Due to the pandemic, most people are eating at home more often than before. This can be a great way to save money that would have been spent at a restaurant. Plan ahead, make a list, and get groceries to make meals at home. And if you are still working in the office, you can bring lunch from home.
5 – Cancel subscriptions:
If you are unable to use your memberships to the gym, pool, or other places that you are paying a subscription for, then cancel it for now. Save money by not paying for something you aren’t able to use right now.
6 – Stay positive:
Don’t forget to be aware of the ways you are already saving money each day. Maybe you are working from home now and saving gas money. Maybe your vacation was canceled and you now have that vacation money to add to your savings. Look for ways to pat yourself on the back and do your best and stay positive.